DOE Awards X-Prize Competition $5.5M to Develop New Generation of Ultra-Efficient Vehicles-

U.S. Energy Secretary Steven Chu announced yesterday that the DOE will be awarding up to $5.5 million, through the Recovery Act set forth by President Barack Obama, to support the X PRIZE Foundation’s efforts in developing a more modern generation of green vehicles. The Automotive X Prize is an independent, technology-neutral competition in which teams work to design environmentally-sound, marketable, high efficiency vehicles; with the winner to receive an impressive $10 million. The eco-inspired challenge will aid current efforts to prevent climate change devastation and cease America’s dependence on foreign oil. “Our clean energy future depends on our ability to design and commercialize new highly-efficient vehicles that are cost-effective for consumers and use significantly less energy,” said Secretary Chu. “This funding will support cutting-edge, American innovation that can help us fundamentally transform personal transportation and address the global climate crisis.”